Fidelity Bank Remains Resilient, Records High Profit in H1 - The Top Society

Fidelity Bank Remains Resilient, Records High Profit in H1

by Blessing Emmanuel


Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc, has applauded the staff members of the bank, for their resilience in service,  noting that in the first half of 2023, the bank has recorded amiable profits, despite the Naira crunch and crisis in the exchange market.

Snipet from the results published on the Nigerian Exchange Group (NGX) on Friday, 1 September 2023, revealed a positive performance across all financial indices, reaffirming the Bank’s position as one of the fastest growing and well-managed financial institutions in Nigeria.

Fidelity Bank
Nneka Onyeali-Ikpe, Fidelity Bank CEO/MD

Gross earnings for the period grew by 59.6% to ₦247.1billion from ₦154.8billion reported in June 2022. Profit After tax stood at ₦61.9billion representing a growth of 166.0% over ₦23.3billion recorded in the corresponding period. This translates to an Earning per Share of 194kobo. The Bank’s Net Loans & Advances grew by 25.1% from ₦2.1trillion recorded as of December 2022 to ₦2.6trillion in June 2023 with corresponding growth in Customer Deposits which increased by 23.2% to ₦3.2trillion from ₦2.6trillion in December 2022.

The Bank’s balance sheet remained strong with a 27.4% growth in Total Assets from ₦3.9trillion in December 2022 to ₦5.1trillion. The Bank’s non-performing loans remained low and within regulatory threshold at 3.24% with adequate coverage of 111%. Return on Equity (ROE) and Return on Assets (ROA) closed at 34.9% and 2.8% respectively.

Reacting to the report, the MD said;

“We are pleased to report on another period of quality growth across all financial and non-financial indices. Our performance during the first half of the year reflects the resilience of our bank and the fundamental strength of our business to deliver long-term sustainable value at a time that has been characterized by global economic headwinds. As a bank, we remain committed to our goal of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper.

“We will continue to monitor and pro-actively manage the evolving risks in the economy while ensuring our commitments to our customers and shareholders are fulfilled. The interim dividend of 25kobo per share, a 150% increase compared to the 10kobo interim dividend in 2022FY, attests to the value we place on the unwavering support from our shareholders.”

Fidelity Bank Plc, is a Nigerian commercial bank, having over 250 branches and more than 8 million customers across the country, both physically and digital wise.

It was recently recognized as the Best SME Bank Nigeria at the 28th annual Euromoney Awards for Excellence 2023; and the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

In July 2023, Fidelity Bank stock price was adjusted from small-price stock to medium-price stock bu the Nigerian Exchange. This is as a result of its consistent and impressive performance.

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In the recent H1 performance rating by NGX, Fidelity emerged the bank with the highest earning per share. To sustain this sterling performance, the bank’s shareholders, at an Extra-Ordinary General Meeting held on 11 August 2023, unanimously approved a capital raising exercise via a Public Offer and Rights Issue.

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